AlphaCore Capital LLC Has $203,000 Stock Position in Franklin Resources, Inc. (NYSE:BEN)

AlphaCore Capital LLC cut its holdings in shares of Franklin Resources, Inc. (NYSE:BEN) by 46.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,902 shares of the closed-end fund’s stock after selling 8,536 shares during the period. AlphaCore Capital LLC’s holdings in Franklin Resources were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in BEN. Interval Partners LP boosted its holdings in shares of Franklin Resources by 0.4% in the 2nd quarter. Interval Partners LP now owns 108,894 shares of the closed-end fund’s stock valued at $2,434,000 after buying an additional 483 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Franklin Resources by 0.8% in the third quarter. PNC Financial Services Group Inc. now owns 69,585 shares of the closed-end fund’s stock valued at $1,402,000 after acquiring an additional 572 shares during the last quarter. State of Michigan Retirement System boosted its stake in shares of Franklin Resources by 0.7% during the second quarter. State of Michigan Retirement System now owns 88,195 shares of the closed-end fund’s stock valued at $1,971,000 after purchasing an additional 600 shares in the last quarter. Gold Investment Management Ltd. lifted its stake in shares of Franklin Resources by 2.5% in the second quarter. Gold Investment Management Ltd. now owns 26,032 shares of the closed-end fund’s stock worth $582,000 after acquiring an additional 644 shares during the period. Finally, Whitener Capital Management Inc. lifted its stake in Franklin Resources by 3.8% in the second quarter. Whitener Capital Management Inc. now owns 22,149 shares of the closed-end fund’s stock valued at $495,000 after buying an additional 820 shares during the period. 47.56% of the stock is currently owned by institutional investors and hedge funds.

Franklin Resources Stock Up 1.1 %

Franklin Resources stock opened at $21.96 on Friday. The firm has a market capitalization of $11.50 billion, a P/E ratio of 25.53, a P/E/G ratio of 2.31 and a beta of 1.38. The stock’s fifty day simple moving average is $20.69 and its 200-day simple moving average is $21.76. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.92. Franklin Resources, Inc. has a twelve month low of $18.94 and a twelve month high of $30.32.

Franklin Resources (NYSE:BEN) last announced its earnings results on Monday, November 4th. The closed-end fund reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $1.70 billion. Franklin Resources had a return on equity of 9.62% and a net margin of 5.48%. Franklin Resources’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the company posted $0.84 EPS. As a group, equities analysts expect that Franklin Resources, Inc. will post 2.4 earnings per share for the current fiscal year.

Franklin Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 5.65%. Franklin Resources’s dividend payout ratio (DPR) is 144.19%.

Analyst Ratings Changes

BEN has been the subject of several recent research reports. TD Cowen decreased their price target on Franklin Resources from $20.00 to $18.50 and set a “hold” rating for the company in a report on Tuesday, November 5th. StockNews.com raised Franklin Resources from a “sell” rating to a “hold” rating in a research note on Thursday, November 14th. JPMorgan Chase & Co. dropped their price target on Franklin Resources from $22.00 to $21.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley dropped their target price on Franklin Resources from $21.00 to $19.00 and set an “underweight” rating on the stock in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $19.00 price objective (down previously from $20.00) on shares of Franklin Resources in a research report on Tuesday, November 5th. Five equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.20.

Insider Transactions at Franklin Resources

In other Franklin Resources news, CEO Jennifer M. Johnson bought 12,700 shares of Franklin Resources stock in a transaction that occurred on Wednesday, August 28th. The shares were acquired at an average price of $19.66 per share, for a total transaction of $249,682.00. Following the acquisition, the chief executive officer now owns 2,637,700 shares of the company’s stock, valued at $51,857,182. The trade was a 0.48 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Charles B. Johnson purchased 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were purchased at an average cost of $19.08 per share, for a total transaction of $1,908,000.00. Following the purchase, the insider now directly owns 89,308,192 shares in the company, valued at $1,704,000,303.36. This trade represents a 0.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 212,700 shares of company stock valued at $4,141,682 and sold 24,024 shares valued at $1,051,375. Corporate insiders own 24.13% of the company’s stock.

Franklin Resources Company Profile

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.